Stock Market labeled as Black Monday; crash over 4.3%, PSU stocks fall below 7%
The Public Sector Stocks were severely impacted by the Nifty's sharp decline, which began at 21,758.40 after closing at 22,904.45 and is currently at 22,069.50, down 834.95 points or 3.65%.
Amid the steep drops in global markets post the escalation of trade tensions between the United States and China, stock markets saw a brutal sell-off Monday morning, with benchmark indices plunging. After opening at 71,449.94 compared to the previous close of 75,364.69, the Sensex plummeted by more than 2,500 points and is now down 2,571.02 points, or 3.41%, at 72,793.67.
The Public Sector Stocks were severely impacted by the Nifty's sharp decline, which began at 21,758.40 after closing at 22,904.45 and is currently at 22,069.50, down 834.95 points or 3.65%.
The market state being labeled as “Black Monday” by traders, is due to China announced retaliatory 34% tariffs on all US imports starting April 10, as reciprocal tariffs announced by the Trump administration last week, escalating severeness through global financial markets, with Asian indices recording severe losses - Chinese markets plunged 10% while Japanese markets fell 8%.
Consequently, on a current basis, Sensex crashes 3137.10 points or 4.16% to 72,227.59 in early trade (opened at 71,449.94), and Nifty 50 plunged 1,010.95 points or 4.41% to 21,893.50.
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The common causes behind the crash have been anticipated by analysts are Crude oil futures declined by more than 2.5% on Monday morning amid the escalating trade war between the US and other countries, impacting the global economy. Secondly, Trump’s reciprocal tariff effect: Rupee drops 35 paise in opening trade even as global equity markets reel under sell-off.
In a retrograde session of continuous market downfall, major public sector units are currently witnessing a sharp plunge in the early Monday Morning trade.
Bharat Electronics, a prominent player in the defence sector, has experienced significant volatility in its stock performance today, with a decline of 4.21%. The stock opened with a notable gap down of 9.94%, reaching an intraday low of Rs 252.25.
Read Also : PFC Signs MoU with MMRDA for Infrastructure ProjectsMeanwhile, the Bharat Dynamics shares are plunging over 8%, opening at Rs 1,152.20 with over 52-week falling to Rs 842.50. Shares of Defence PSU GRSE have fallen below 9.7%, and Cochin Shipyard went down by 5.4%, leading to downtail on a bearish zone. HAL Shares also plummeted by 7% to Rs 3936.00.
Meanwhile, Mazagon Dock Shares are down by 9.6%, and that of Shipping Corporation are fallen by 8.8%, impacting the shipping and defence PSU most. Additionally Oil and Gas PSUs including Coal and Power Thermal one, the stocks are witnessing severe crashes below 4-5%.
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